The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-07-27
BUSINESS OUTLOOK.
Favorable Reports From ALI Parts Of the
Country IS to tbs State Of Trade.
Crop Prospects Excellent, Money In Abun.
dant supply and Collections food
business Failures.

NEW YORK, July pr. G. Dan & Co.,
in their weekly review of trade, say: With
business progressing well throughout the
country, crop prospects excellent iron
production larger than at any previous
period, and money in abundant supply,
Wall street is disturbed because of dream
1t has been chasing for months suddenly
fades away, and Mr.. Garrett announces the
failure of Mr.. Ives to buy the Baltimore
and Ohio. The incident illustrates the
weakness of Wall street as a barometer.
For four moths the street has been dis
counting the benefcent results of this ex-
pected settlement" and all sorts of
purchases, loans, commitments and calcu-
lations have been based thereon. But for
these, the retention OF the Baltimore and
Ohio by its old owners would disturb no.
body. But now litigation involving the
value OF many properties, direct and indi-
rect, has been commenced, and may over
cloud the market with uncertainty for
some time, and meanwhile no one wants
to buy q share N law suit.
Whtat at Sls<c for No red winter in
July is lower than it has been before in
that month for more than forty years,
and close 10 the lowest price for that period
in any month. This is he direct result of
q speculation which drew many million
bushels from farmers hands, where cost of
carrying was nothing, into the hands Of
dealers who sre anxious 20 unload before
new wheat comes. The twenty million
bushels in few elevators are heavier than
fifty million bushels would be in
farmers bins. Small purchases from
farmers for some time to come are prob
able, and the consequent delay in demand
for money to use In crop moving may
possibly be helpful. Prices generally are
low in spite of many speculations. As
evidence Of the absorption of floating capt.
tai in fixed forms, and its effects, it may be
stated that the same quantities Of articles,
representing niue-tenths of the aggregate
consumption OF the country, which could
have been bought q year ago for 500,
would now cost only about 800 30 and
they were not per cent. higher in jan
uary last. SO small a change in prices,
after an expansion OF $50 100000 during
the year in circulation, is surprising.
Cotton is tending downward, with liqUi-
dation following several important Isli
ures, but goods are comparatively scarce
and prices well maintained. Wooiens are
as usual unsatisfactory, foreign competi-
ton ut low prices combining with slack
demand for goods to discourage produ GERS.
But some kinds of iron and steel look
stronger, though the market for steel rails
seems less firm. Sale OF 5000 tons of
Bessemer iron at above $50 is reported, and
at the same time large sale Of rails for
Pacific delivery at prices below current
quotations.
Reports from all parts of the country
are uniformly favorable as to the state of
trade for the season, and collections arelrs-
ported good or fair at all points save two.
The crop prospects are also pronounced
more favorable though the extent of the
damage done by the drought and insects
csn not be determined.
Failure to enforce the Interstate act, as
was ex pected, results in disappointment to
some localities; but the volume of ex-
changes S, and the returns of railroad earn
ings, show that business is, on the whole,
larger than year ego.
Anxiety about the supply of money for
the fall revives discussion OF treasury
operations, but indications are that no
purchase of bonds will be made if IT can be
avoided. The treasury has taken in
81, COO, coo more than it has paid out during
the past week. $500, 0C0 gold, 100000 sis
yer, and $500, coo legal tender, but large
disbursements are expected about August
1. Exports improved for three weeks, hav-
ipg exceeded last years by per ct. against
the increase of Is 6 per cent. in imports.
Foreign exchange tends upward, however,
and some sales of securities on foreign &C
count are reported. The course of stocks
has indicated hesitation and weakness, and
the narrow bank reserves for the session
affect with timldity most speculative
markets.
The business failures during the last
seven days number for the United States
! AZ, fer Canada %, total 172, compared
with l79 last week and 1S3 for the core
/ snonding week last Vear.